Aergo Capital prices $585 million senior notes

Aergo Capital prices $585 million senior notes

Dublin lessor Aergo Capital has announced the pricing of $584.839 million of secured notes by METAL 2017-1 Limited.

Two companies, METAL USA and METAL CAYMAN, will use the notes to acquire a portfolio of 26 aircraft from Aergo – comprising 57% narrow body, 23% wide body and 19% turboprop valued at approximately $690 million. Aergo will act as servicer for the portfolio and use the proceeds to refinance existing loans.

The transaction was priced yesterday (30 Oct) and is set to close on 6 November.

The offering consists of four tranches: a $430.028 million tranche of series A notes with a coupon of 4.581%, an $86.006 million offering of series B notes, a $55.044 million tranche of Series C-1 Notes, and a final $13.761 offering of series C-2 notes.

Goldman Sachs is acting as the sole structuring agent, global coordinator and sole bookrunner on the offering.


Issuer:  METAL 2017-1 Limited

Servicer: Aergo Capital

Offering: $584.839 million
Type: secured notes
Trances: Four
Tranche Ratings: Series A notes, Series B Notes, Series C-1 Notes and Series C-2 Notes.

Assets: 26 Aircraft (57% narrow body, 23% wide-body and 19% turboprop)
Portfolio value: $690 million (approx)

Structuring agent, global coordinator and sole bookrunner: Goldman Sachs

 

First Tranche:
Note value: $430 million
Rating: A
Coupon: 4.581%
LTV: 62.5%

Price: par

Second Tranche:
Note value: $86.006 million
Rating: B
Coupon: 6.5%
LTV: 75%

Par: 98.64%

Third Tranche:
Note value: $55.044 million
Rating: C-1
Coupon: 8%
LTV: 83%

Price: 98.62%

Fourth Tranche:
Note value: $13.761
Rating: C-2
Coupon: 9.75%
LTV: 85%

Price: 99.56%

 

Alex Baldwin
By Alex Baldwin October 31, 2017 14:46